Zupee

About Zupee

Zupee, operated by parent company Cashgrail Private Limited, is an online gaming platform based in Gurugram, India, that specializes in skill-based casual and board games. The company was established in 2018 by Dilsher Singh Malhi, the CEO, and Siddhant Saurabh, the CTO, both alumni of IIT Kanpur. Malhi, a chemical engineering graduate, was interested in gamification and its potential for cognitive development, while Saurabh, a computer science graduate, brought his expertise in software engineering to build the platform's robust architecture. The founders were featured in Forbes' "30 under 30 Asia" list in 2021 for their work in consumer technology.

The company's journey began with a focus on quiz-based games before making a strategic pivot to culturally familiar games like Ludo and Snakes & Ladders, which proved to be a significant turning point. This shift allowed Zupee to introduce skill-based elements into traditional board games, making them faster and more competitive. For instance, in its version of Ludo, all player tokens are already on the board from the start, and the games are designed to be short, typically lasting 8-10 minutes. Zupee offers both free-to-play and, until recently, pay-to-play options, attracting a user base of over 150 million. All games on the platform are certified as 'Games of Skill' by the All India Gaming Federation (AIGF).

Zupee's business model historically centered on real money gaming, generating revenue from platform fees charged on cash games and tournaments. However, following the passage of the Promotion and Regulation of Online Gaming Bill in 2025, which banned games involving monetary stakes, Zupee ceased its real money gaming services. The company now focuses exclusively on its free-to-play titles, which include Ludo Supreme, Ludo Turbo, Snakes & Ladders, and Trump Card Mania. For its paid services, the company utilized RBI-approved payment gateways for deposits and withdrawals. Financially, Zupee reported its first profitable year in FY24, with a net revenue of ₹1,123 crore and a net profit of ₹146 crore. The company has successfully raised a total of $122 million over five funding rounds. Its latest Series B funding round in January 2022 raised $72 million, valuing the company at ₹4,900 crore. Key investors include WestCap, Nepean Capital, AJ Capital Partners, Matrix Partners India, and Smile Group.